No one knew how 2020 would play out but it started badly for China and in a matter of weeks, the rest of the world woke up to a nightmare that no one could have foreseen. Stock markets fell at rapid speeds, governments put entire countries on lockdown, people lost their jobs, some people do not know where their next meal will come from or whether they will continue to have a roof over their heads. Pretty much everything stood still except for gold. The gold market is thriving, prices are rising which is good news for the people who invested their money in gold. They now have something to fall back on as everything else around them crumbles.
This might be a good time for you to cash in on the gold you’ve had all this time whether it is gold jewellery, coins or bullion bars. You could sell gold to get through the worst time. All gold is precious right now, even the broken jewellery you can’t find any use for. As things stand, we could be in this situation for a while. Many speak of adjusting to the new normal but no one knows what that new normal is going to look like when a this is over. At the moment, the Coronavirus is continuing its devastation and whilst you are cooped up in doors, you could take some time to take stock of all the gold necklaces with broken clasps, earrings, bracelets or gold watches that have seen better days but cannot be worn again as these “useless” pieces of gold jewellery might help you weather the storm.
Gold Jewellery vs gold bullion
Gold jewellery might need to be tested for purity. You can do this yourself or take it to a professional. Gold bullion is regarded as investment grade gold and treated differently by gold dealers.
Old jewellery has value, maybe not as much as gold bullion but you can get cash for it. You might have to get the jewellery tested to find out what karat of gold it is made from.
“Gold” jewellery is not made of just solid gold but gold is blender with other alloys to improve the durability of the jewellery or give it certain properties. For instance, a 14k gold piece of jewelleryconsists of 58.3% pure goldand 41.7% alloys like silver. It would be coated with Rhodium for a lustrous whiteness.
Some jewellery is gold-plated and not worth anything. So, it is important to know what kind of jewellery you have and it’s worth. Since lockdown laws were passed in most countries, gold production has either stopped or been reduced however, the demand has not gone down. It has gone up mainly with regards to investment grade bullion. The demand for scrap gold has gone up because scrap gold is used to supplement mining shortfalls.
Investors are buying more gold bullion products as the virus rages on. The price is currently over $1,900 per ounce and slated to go even higher which is good news for people who still have some gold to sell.
